"If there's one place to really invest, even when money's really tight ... it's getting your branding right."
Part 1: What's in a brand?
- Your primary medium for communicating with consumers and with investors is your package. Make sure it leaves a good, and strong, impression.
- Technology is rapidly improving the way people can collect and analyze data. How can you leverage data to boost your brand?
- Does distinction in your brand correlate directly with success? CircleUp thinks it might.
Part 2: Preparing for growth
- Investors look for companies that are ready to scale. Are you ready?
- Have a plan and stick to it, but be adaptable. Stay flexible in terms of categories and channels: Will you be able to expand beyond the product consumers first know you for?
- Figure out early on who the heavy user of your product is—and how you can find more people like them.
- Important boxes to check include the traditional three—good price point, good product taste and convenience—but also a fourth, brand and packaging.
Part 3: Stay true to your brand
- What do you want people to remember about your brand? Write an obituary for it as a thought exercise.
- If you need to rebrand, do it earlier than later. But don't rebrand if the problem is in the product and not the packaging.
- Be mindful of your channel strategy. One size does not fit all; have appropriate offerings for different channels.
This session—Business School: Branding and the Bottom Line—was recorded at Natural Products Expo West 2018. Click "download" to access the presentation slides.